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U.S. Court Rules for Big Banks in ATM-Fee Case

WASHINGTON--A U.S. appeals court Thursday ruled in favor of major banks that charge ATM fees to cardholders who withdraw money from machines owned by other banks. The 9th U.S. Circuit Court of Appeals, ruling in a case filed in July 2004, accusing Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), J.P. Morgan Chase & Co. (JPM) Citigroup Inc. (C) and other banks with fixing those fees. The court, however, found consumers who contested those fees did not have legal standing to do so. The court, in a ruling by Judge N. R. Smith, found that a fee that banks charge each other for such transactions was not directly passed on to customers. The plaintiffs in the case "concede that they have never directly paid" the fees in question, Smith wrote, in an opinion that upheld a lower court's ruling that the consumers filing the lawsuit paid the fees indirectly and did not have standing to challenge the fees. Last October several independent ATM operators and consumers sued Visa Inc. (V), MasterCard Inc. (MA), Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) in federal court over ATM fee policies. They argue that Visa and MasterCard rules requiring ATM operators to charge the same amount of fees regardless of which processing network handles a transaction has stifled competition among ATM operators and raised costs for consumers. A hearing on the defendants' motions to dismiss the suits is scheduled for September, according to court filings. Write to Alan Zibel at alan.zibel@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
02/12/201615:30:27Current Report Filing (8-k)
02/12/201613:36:50Annual Statement of Changes in Beneficial Ownership (5)
02/12/201613:33:03Annual Statement of Changes in Beneficial Ownership (5)
02/12/201613:26:26Annual Statement of Changes in Beneficial Ownership (5)
02/12/201613:21:08Annual Statement of Changes in Beneficial Ownership (5)
02/12/201613:16:22Annual Statement of Changes in Beneficial Ownership (5)
02/12/201613:09:26Annual Statement of Changes in Beneficial Ownership (5)
02/11/201614:00:00Wells Fargo Commits $5 Million to Boost San Diego County Homeownership
02/11/201611:31:00Wells Fargo Commercial Banking Adds Downtown D.C. Office
02/11/201611:21:01Amended Statement of Ownership (sc 13g/a)
02/11/201609:00:00Wells Fargo Provides $7 Million to Grameen America
02/10/201610:31:55Amended Statement of Ownership (sc 13g/a)
02/09/201615:34:12Current Report Filing (8-k)
02/09/201614:50:46Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/09/201614:21:26Form 13f Holdings Report (13f-hr)
02/09/201614:18:00Wells Fargo Commissions Original Art Depicting the African American...
02/09/201612:40:00CFPB Presses Banks, Credit Unions to Offer 'Small-Dollar Loans'
02/09/201611:12:00Wells Fargo Securities Expands its Futures Commissions Merchant...
02/09/201609:00:00Hispanic Scholarship Fund Holds National College Camp In Dallas
02/09/201607:22:00Wells Fargo Enterprise Global Services Walks, Runs, and Rides...

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